The Saudi Central Bank, known as SAMA, reported a 3.4 percent increase in its total assets, reaching SR1.82 trillion ($490 billion) in September, up from SR1.76 trillion in August, as per official data. Although total assets in July and June stood at SR1.78 trillion and SR1.83 trillion, respectively, SAMA’s total assets for September marked a decrease of SR168.4 billion compared to the same period the previous year. Additionally, the report revealed an 11.5 percent year-on-year decline in SAMA’s investments in foreign securities, amounting to SR997.9 billion in September. SAMA also reported a 7 percent rise in its deposits with banks abroad, reaching SR376.29 billion compared to September of the previous year. The central bank held assets worth SR256.53 billion in foreign currencies and gold, while cash in the vault amounted to SR24.87 billion in the month under review.
Furthermore, the report highlighted a 22 percent increase in aggregate profits before zakat and taxes for banks operating in Saudi Arabia, totaling SR7.14 billion in September, compared to SR5.84 billion in the same month of the previous year. SAMA’s monthly statistical bulletin covers the results of banks listed on the Saudi Stock Exchange and some foreign banks operating in the Kingdom. According to the report, the aggregate assets of these banks grew by 9.43 percent annually, reaching SR3.90 trillion in September. Deposits in these banks also increased by 8.34 percent, reaching SR2.45 trillion compared to the previous year. The private sector in Saudi Arabia experienced growth as loans provided to privately operated firms in September increased by 9.33 percent year-on-year, reaching SR2.47 trillion. SAMA Governor Ayman Al-Sayari emphasized Saudi Arabia’s prominent role in the Islamic finance sector, with the country housing the largest Islamic finance market globally, and its total Islamic assets exceeding SR3.1 trillion. Saudi Arabia also holds the title of the world’s largest sovereign sukuk issuer, and the Islamic finance sector boasts a total value of SR11.2 trillion, displaying an average growth of 9.6 percent over the last three years.